| June 23, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I need some help finding a summer internship for a young woman who is attending the University of Illinois Urbana Champaign, studying advertising and informatics. She is also the sister of David Cooke, the Eagle Scout who was recently hired by the Nodal Exchange after I asked for help from readers for him in his job search.
Elizabeth Cooke is David's younger sister, who has experience as a researcher and strategist for advertising campaigns, using Qualtrics and Google Sheets/Excel to look at data. She has a strong interest in understanding how and why people think the way they do.
Outside the classroom, she is a swimmer, cyclist and runner who competes in triathlons. She also enjoys living up to her name "Cooke," and enjoys breaking bread and new recipes. She is a musician and music fan who may just be a Swiftie.
If you have interest in talking to Elizabeth, please reach out to me and I will put you in contact.
FIA posted to LinkedIn a series of pictures from the IDX gala that show former Kilt Challenge participants on stage, along with this year's Kilt Challenge participant Robbert Booij. There is also a picture of Robbert passing the sporran to SGX's Rama Pillai, who accepted the challenge for 2024. Robbert told me he suggested a mountain climbing element for Rama for the 2024 challenge called "The Kiltimanjaro challenge."
Here is something different. The Wall Street Journal has a story titled "An IPO for a Painting? This $55 Million Masterpiece Is Going Public", with the subheading "A portrait by British painter Francis Bacon will be publicly listed this summer, even as rising interest rates blur the case for investing in art." According to the story, "Shares in the portrait will be sold for around $100 a piece and will list on a specially created art stock exchange based in Liechtenstein, giving regular investors the ability to buy and sell shares in a famous artwork on a stock exchange for the first time." Also, another angle is this, "The first publicly listed artwork also raises the tantalizing possibility of a takeover of the Bacon portrait. If a billionaire collector or museum wants to swoop in with a bid, they must offer a 20% premium to the average closing price of the shares over the previous 20 trading days, according to rules set by Artex. A rival bidder can then step in and offer even more, though unlike with a typical corporate takeover, shareholders don't get to vote on whether to accept the offer."
And if you are into trading cards rather than art, you might be interested in the bidding war for the enchanted golden ring trading card from J.R.R. Tolkien's "Lord of the Rings" trilogy, The Wall Street Journal reports. A trading card depicting it has launched a multimillion-dollar bidding war.
CME Group CEO Terry Duffy was recently on CNBC on the Closing Bell broadcast and said companies need to be vigilant in managing risk. He joined to discuss recent comments from Federal Reserve Chair Jerome Powell and navigating market uncertainty.
Here is the SEC case of "In The Matter of J. P. Morgan Securities LLC Respondent," Order Instituting Administrative And Cease-and-desist Proceedings, Pursuant To Sections 15(B) And 21c Of The Securities Exchange Act Of 1934, Making Findings, And Imposing Remedial Sanctions And A Ceaseand-desist Order. This has to do with the "deletion by JPMorgan of approximately 47 million electronic communications in about 8,700 electronic mailboxes relating to the period January 1 through April 23, 2018."
Reuters has a story about this titled "JPMorgan Chase is fined by SEC after mistakenly deleting 47 million emails."
The Bloomberg Odd Lots podcast with Tracy Alloway and Joe Weisenthal takes a look at the old days. The title of the episode is "This Is How Finance and Banking Worked Before Computers" with the subheading "A journey back in time."
There is a problem in Europe of too much wine because of high food prices and a strong 2022 harvest. That is leaving lots of wine around, and the European Commission working on ways to curb the glut, Bloomberg reported. Sounds like a job for lower prices.
If you like auctions of movie memorabilia, you can bid on Princess Leia's dress from Star Wars, among other interesting items, the Wall Street Journal reports.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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STA Women in Finance congratulated Gina King of LPL Financial on being elected President of Carolina STA. King is currently an equity trader with LPL Financial. She has 30 years of experience in equity trading and sales. She began her career in New York with Furman Selz as a clerk on the NYSE and then joined The Interstate in Charlotte, NC in 1996 as an institutional equity sales trader, spending 25 years there. She has been involved with the Carolina Security Traders Association since 1997.~SR
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Billionaire Hedge Fund Managers Go Hollywood in 'Dumb Money'; The film takes us inside the GameStop saga, when retail traders brutally squeezed Gabe Plotkin's hedge fund and briefly captured the zeitgeist.
Katia Porzecanski - Bloomberg
If you were to ask Steve Cohen how he'd be immortalized by Hollywood, it would probably be sitting in front of Damien Hirst's shark-in-formaldehyde tank, thinking up ways to make money and slamming his rivals. That's what's happening in a script for Dumb Money, a comedy slated for a September release based on Ben Mezrich's book about the GameStop Corp. saga. Law & Order's Vincent D'Onofrio plays Cohen, who, alongside Ken Griffin, infused Gabe Plotkin's Melvin Capital with billions after retail traders brutally squeezed his short position.
/jlne.ws/46ijiHi
*****The question remains, who was the "Dumb Money?"~JJL
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It's Summer and London's Top-End Property Market Is Sinking; Agents brace for what our columnist says may be biblical years of lean after the ones of plenty.
The Secret Agent - Bloomberg
A glimpse inside the world of selling high-end London homes. May and June are traditionally the busiest times of year in the London prime property market. The weather makes everyone just a little more optimistic. The longer days, sunshine, gardens at their best, parks pulsating with people, the Chelsea Flower Show, Wimbledon, Ascot - all help to attract wealthy tourists. Some of whom conclude their own place would beat the usual suite at Claridge's.
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***** For you Chicago Cubs fans who fall in love with London, it might be the right time to make a low ball bid on a nice high-end London home.~JJL
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'With help, we might survive': Kyiv sees sharp rise in homeless people; Since Russia's invasion, there are so many people on the streets that volunteers offering food and other help can't keep up with demand
Liz Cookman - The Guardian
As missiles and drones descend on Kyiv, homeless couple Vadym and Alona have nowhere to shelter but under the branches of a horse chestnut tree in the park. Blooming with pinkish-white flowers, the trees have been a symbol of the Ukrainian capital since Soviet times. During a recent barrage that was particularly heavy, they cradled each other for comfort as streaks of glowing tracer fire chased missiles through the sky above them. "That was the most afraid we've been," says Vadym.
/jlne.ws/3NqKV8v
****** This is not just a military problem, but a humanitarian one, as Thom Lant's efforts remind us. Find a way to help.~JJL
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Odey's Downfall Shows How Far Women Have to Go in City of London; Women in the UK's financial industry don't see the hedge fund manager's ouster from the company he co-founded as a Weinstein moment.
Jonathan Browning, Katherine Griffiths and Loukia Gyftopoulou - Bloomberg
Revelations of predatory acts by media mogul Harvey Weinstein helped jumpstart a global reckoning for rich and powerful men. Few expect the downfall of hedge fund manager Crispin Odey to provoke a similar watershed in the City of London. "Odey losing his position isn't going to change behavior," said Zelda Perkins, a British former assistant to Weinstein who broke her non-disclosure agreement in 2017 to speak out against him. "What has to change is the system."
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****** I don't know what to say except life is not static and you need to keep moving to get wherever it is you need or want to go.~JJL
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Thursday's Top Three
Our top clicked item Thursday was the selfie Walt Lukken took at the OIC Conference gala dinner with Jeremy Grant, Robby Lothian (U.S.) and Nichole Price in the background. Second was the Walt Lukken selfie of Walt's table, with Robbert Booij, Jeremy Grant, Emma Davey, Pat Kenny and other eminences. Third was our MarketsWiki Page for Walt Lukken
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MarketsWiki Stats
27,347 pages; 245,334 edits
MarketsWiki Statistics
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| Lead Stories | Why Wall Street's Climate Efforts Are Failing; A new report assails the galaxy of finance industry pledges, groups and models as nowhere near enough to make a dent in global warming.
Saijel Kishan - Bloomberg
Over the last few years, an ecosystem of climate pledges, groups and models has expanded on Wall Street in a bid to cut-or appear to cut-the financial industry's role in global warming. But many of those efforts have had a limited impact on thwarting the damage inflicted by climate change, according to researchers at Columbia University. And at the same time, Wall Street spends hundreds of millions of dollars each year to block measures that could help.
/jlne.ws/3NHxjHg
Crypto Traders Are Betting on Asia as a Haven After US Crackdown; Trading in Asian hours rising while Europe, US volumes slump; Gemini, Binance among exchanges expanding operations in Asia
Suvashree Ghosh and Sidhartha Shukla - Bloomberg
Asia is fast becoming the new center of gravity for cryptocurrency markets. As US regulators sued three major crypto exchanges this year, billions of dollars of trading volumes have migrated to Asia. That shift could be poised to accelerate as market makers and exchanges move resources to a region where several jurisdictions have introduced regulatory frameworks and are vying for digital-asset traders.
/jlne.ws/43Ya3dU
Powell Says Wall Street Faces Higher Capital Requirements; Fed chair says increases will be 'very skewed' to big firms; For large players, requirements could rise by 20%, he says
Katanga Johnson - Bloomberg
Wall Street's biggest banks will bear the brunt of US regulators' moves to raise capital requirements for lenders, according to Federal Reserve Chairman Jerome Powell. The largest lenders could face an increase of about 20% in what they have to set aside, Powell told members of the Senate Banking Committee on Thursday. He added that details were still in flux and specifics could change. The KBW Bank Index slid during the hearing, and was down 1.9% at 12 p.m. in New York.
/jlne.ws/43U1X61
Swiss central bank calls for overhaul of banking regulations after Credit Suisse rescue; SNB warns that dependence on regulatory capital and liquidity rules may have contributed to problems
Sam Jones - Financial Times
The Swiss National Bank has called for a review of banking regulations as it warned that existing global rules on capital and liquidity do not safeguard systemically important lenders from collapse, in its first public reflections since the rescue of Credit Suisse.
/jlne.ws/3pgYEqp
JPMorgan to Pay $4 Million Over Deleted Messages; Brokerage arm settles with SEC over electronic communications mistakenly wiped from its archives
Richard Vanderford - The Wall Street Journal
JPMorgan Chase's brokerage arm will pay $4 million in a settlement with the U.S. Securities and Exchange Commission after the accidental deletion of 47 million electronic messages it was supposed to retain. While trying to clear a backlog of communications dating back to the 1970s, JPMorgan inadvertently wiped the messages, the SEC said in an order published Thursday.
/jlne.ws/42YK2cZ
***** Here is a story from The Trade on this.~JJL
Kenyan leader says World Bank and IMF are 'hostage' to rich nations; William Ruto calls for new multilateral lender to address climate crisis
Attracta Mooney and Kenza Bryan - Financial Times
Kenya's president has called for the creation of a global green bank separate from the World Bank and IMF, warning that traditional multilateral lenders were "hostage" to rich world interests and unable to solve the climate crisis.
/jlne.ws/3NJ9yyn
The World's Empty Office Buildings Have Become a Debt Time Bomb; From San Francisco to Hong Kong, higher interest rates and falling property values are bringing the commercial real estate market to a perilous precipice.
Natalie Wong, John Gittelsohn, Jack Sidders and Shawna Kwan - Bloomberg
In New York and London, owners of gleaming office towers are walking away from their debt rather than pouring good money after bad. The landlords of downtown San Francisco's largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased. The creeping rot inside commercial real estate is like a dark seam running through the global economy. Even as stock markets rally and investors are hopeful that the fastest interest-rate increases in a generation will ebb, the trouble in property is set to play out for years.
/jlne.ws/44abtBw
AI models fall short of draft EU rules, researchers say; Companies such as ChatGPT's OpenAI, Google and Meta come under scrutiny with copyright being a major issue
George Hammond and Madhumita Murgia and Cristina Criddle - Financial Times
Companies building new artificial intelligence models, including ChatGPT creator OpenAI, Google and Facebook owner Meta, risk falling foul of draft EU rules governing the technology, US research has warned. The Stanford University paper points to a looming clash between companies spending billions of dollars developing sophisticated AI models, often with the support of politicians who view the technology as central to national security, and global regulators intent on curbing its risks.
/jlne.ws/42XHxYz
Reddit's Chief Says He Wants It to 'Grow Up.' Will Its Community Let It? As the social media site matures, its users and moderators have made their displeasure about corporate changes known, putting the company into a bind.
Mike Isaac - The New York Times
For the past 11 years, Bucky has put time and effort into stewarding and guiding dozens of communities on Reddit, the sprawling internet message board. As a "moderator" of roughly 80 different topic-based forums, Bucky - who goes by "BuckRowdy" on Reddit and who asked that his full name not be used to prevent online harassment - and others like him are essential to growing and maintaining the social media site, which is one of the internet's biggest destinations for online discussion.
/jlne.ws/3NHBdzU
BlackRock's Larry Fink Goes From Bitcoin Skeptic to Perceived Savior
Katherine Greifeld - Bloomberg
BlackRock to the rescue
A lot can change in five years. Just ask Larry Fink. In July 2018, the chief executive officer of BlackRock Inc. told Bloomberg Television that clients of the world's largest asset manager have zero interest in cryptocurrencies. When asked if he feels the need to be prepared for the day when clients might want exposure, Fink replied "at the moment, no." This was just months after he had remarked that one use for crypto was in identifying "how much money laundering is being done in the world."
/jlne.ws/43T2yor
JPMorgan Chase is fined by SEC after mistakenly deleting 47 million emails
Jonathan Stempel - Reuters
JPMorgan Chase has been fined $4 million by the U.S. Securities and Exchange Commission after about 47 million emails belonging to its retail banking group were mistakenly and permanently deleted. The emails dated from Jan. 1 to April 23, 2018, and were deleted in June 2019 from about 8,700 mailboxes, including those belonging to as many as 7,500 employees who regularly worked with customers.
/jlne.ws/42Y0Q3E
Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits; Sequoia, Chinese tech firm Kanzhun among largest depositors; New document shows top 10 customer balances at failed lender
Lizette Chapman and Jason Leopold - Bloomberg
When federal regulators stepped in to backstop all of Silicon Valley Bank's deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
/jlne.ws/3qUzGxn
Binance Hires Former Justice Department Prosecutor in SEC Fight; M. Kendall Day was acting deputy assistant attorney general; Binance entities have been beefing up their stable of lawyers
Olga Kharif - Bloomberg
The world's biggest cryptocurrency exchange, Binance Holdings Ltd., has hired a former white-collar prosecutor at the Department of Justice to represent the firm in the Securities and Exchange Commission lawsuit, according to a court filing on Thursday. M. Kendall Day will appear in the SEC case as counsel for Binance, the filing said. The partner in the Washington DC office of Gibson Dunn & Crutcher was the former acting deputy assistant attorney general at the Department of Justice's Criminal Division, where he worked for 15 years, according to his biography on the Gibson Dunn website.
/jlne.ws/3CLmcqm
Futures industry must hone comms after Ion hack; Operational resilience hinges on maintaining communication channels in a cyber outage
Luke Clancy - Risk.net
Industry participants must develop crisis communication systems to avoid repeating the kind of fallout that came from the devastating cyber attack on Ion Group on January 31, which downed communication channels between banks and vendors, senior technology executives warned at an event on June 20.
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Coinbase waged unusual legal defense ahead of SEC's crypto crackdown
Jody Godoy - Reuters
Months before cryptocurrency exchange Coinbase became the biggest target of the U.S. crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases.
/jlne.ws/42PcvSl
'I expect this to move quickly:' New UK crypto laws could be in place by autumn
Inbar Preiss, Joanna Wright - DL News
The crypto community is "bullish" about the new regulations for a number of reasons.
UK crypto firms expect the government to soon ratify new laws for the industry after a new financial markets bill passed the upper house of parliament this week. "I expect this to move quickly as, driven by PM Rishi Sunak, the current government is keen to see it implemented," said Hirander Misra, chairman and founder of Zero13, a venture by multi-asset trading company GMEX Group.
/jlne.ws/3D2tx5j
Steve Cohen-Backed 24 Exchange Shuts Down Spot Crypto Product Citing Weak Demand; The exchange will continue to support a crypto NDF product; Exchange will reapply for license to trade equities 24/7: CEO
Olga Kharif and Katherine Doherty - Bloomberg
A trading platform that raised millions of dollars in a round backed by Steve Cohen's Point72 Ventures is shutting down one of its digital-asset offerings. 24 Exchange raised $14 million in late 2021, partly on the strength of its enthusiasm for crypto. Now, with regulators around the world cracking down on the asset class, the company is retiring its spot crypto product.
/jlne.ws/3CGRPRY
Fireside Friday with...Syz Group's Valerie Noel; Head of trading at Syz Group, Valerie Noel, sits down with The TRADE to explore recent activity in the equities market and developments around research unbundling requirements.
Annabel Smith - The Trade
What movement have you seen in the global equities market in the last week?
Throughout the first half of the year, market sentiment has shifted from bearish to greedy. Hedge funds and institutional investors were positioned too defensively and as the market's momentum gather speed they had to adjust their positions accordingly, moving from short to long positions.
/jlne.ws/3XoGsHZ
Joint trade associations highlight equity, fixed income and market data concerns ahead of upcoming Mifir review; AFME, EFAMA and BVI have urged co-legislators to take an evidence-based, addressing industry concerns appropriately, even if this results in a longer time to complete the negotiations.
Wesley Bray - The Trade
EU asset managers, banks and brokers are urging policy markets not to succumb to pressure that could potentially lead to suboptimal outcomes in the Markets in Financial Instruments Directive (Mifid/r) review.
/jlne.ws/3r0yo4d
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian War Economy Is Awash With Bags of Cash Kept Out of Banks
Bloomberg News
Russian mercenaries killed in Ukraine are inadvertently helping stoke a new cash boom at home in an unusual side-effect of the war. Money paid in compensation for their deaths - which adds up to 5 million rubles ($60,000) per person, on top of any uncollected wages - usually comes stuffed in bags, according to several women who had to travel to pickup points around the country and requested that only their first names be used to speak openly.
/jlne.ws/3CIdl8T
Brewer Carlsberg Signs Agreement to Sell Business in Russia; Danish company doesn't identify buyer or provide terms
Stephen Treloar - Bloomberg
Carlsberg A/S, the Danish owner of Russia's biggest brewery, signed an agreement to sell its operations in the country to an undisclosed buyer, more than a year after deciding to exit. The deal is subject to regulatory approval and fulfillment of certain conditions in a number of jurisdictions, making the timing of completion uncertain, Carlsberg said on Friday. It didn't provide a value for the transaction.
/jlne.ws/3PyhfZT
Germany locks in more US natural gas as it shuns Russian supply; State-owned group formed from Gazprom assets to purchase 2.25mn tonnes annually for 20 years
Derek Brower and David Sheppard and Shotaro Tani - Financial Times
Germany has signed another long-term deal to import more US liquefied natural gas, as Berlin moves to replace Russian energy in its economy amid Moscow's war in Ukraine.
/jlne.ws/3XjroLP
Wagner Chief Accuses Russian Leaders of Lying About Ukraine War; Ukraine shoots down Russian cruise-missile barrage
Jared Malsin and Anastasiia Malenko - The Wall Street Journal
The head of Russian paramilitary group Wagner accused Moscow's leaders of lying to the public about the justification for the invasion of Ukraine last year and mismanaging the war, in a renewed sign of conflict between President Vladimir Putin and one of his most important allies.
/jlne.ws/43TuFUA
Ukraine's Western-Trained Brigades Begin to Enter the Fight; The arrival of new units could be pivotal. But progress has been slow for Ukraine in the early stage of its counteroffensive.
Helene Cooper and Eric Schmitt - The New York Times
They are fighting more effectively at night than their Russian counterparts, U.S. officials say. They are using American-made Bradley fighting vehicles to destroy Russian armor with anti-tank missiles. And they are deploying combined arms tactics - synchronized attacks by infantry, armor and artillery forces - that they learned from American and other Western troops.
/jlne.ws/3NfGsFm
Chinese Firm Sent Large Shipments of Gunpowder to Russian Munitions Factory; The previously unreported shipments between a state-owned Chinese company and a Russian munitions factory last year raise new questions about Beijing's role in Russia's war against Ukraine.
Ana Swanson and John Ismay - The New York Times
On two separate occasions last year, railroad cars carrying tens of thousands of kilograms of smokeless powder - enough propellant to collectively make at least 80 million rounds of ammunition - rumbled across the China-Russia border at the remote town of Zabaykalsk.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Russell Reconstitution Adds to CME Growth Story
Shanny Basar - MarketsMedia
The annual Russell Reconstitution is usually one of the most heavily traded days of the year in the cash equities market, and investors have also increasingly been using futures to manage their risk or take advantage of possible opportunities in stock additions and deletions. Each year the Russell 1000, 2000 and 3000 indices, part of index provider FTSE Russell, are reviewed to ensure they remain representative of the segments they are targeting after taking account of market events in the previous 12 months.
/jlne.ws/3XptpG0
HKEX Welcomes Government's Re-Appointments To HKEX Risk Management Committee (Statutory)
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing Limited (HKEX) welcomes the Hong Kong Government's re-appointments of Miranda Kwok and Sun Yu to its Risk Management Committee (statutory) (RMC). The re-appointments were in accordance with the Securities and Futures Ordinance. They are for a term of two years with effect from 1 July 2023.
/jlne.ws/44bVS4w
Available LME copper stocks fall to the lowest since 2021
Reuters
Copper available to the market in London Metal Exchange (LME) approved warehouses fell to the lowest level since October 2021 after large amounts of inventory were earmarked to leave the LME system, data from the exchange showed on Thursday. Total stocks of copper in LME warehouses stand at 80,400 metric tons. Of that 62.5% or 50,275 metric tons has been set aside or cancelled for delivering out over coming weeks. This is compared with 42% previously.
/jlne.ws/3Xlnlyy
Moscow Exchange expands the range of futures for shares of Russian companies
MOEX
On June 29, 2023, trading in deliverable futures contracts for the shares of four Russian companies: VUSH Holding, Beluga Group, Segezha Group and Sovcomflot will begin on the Moscow Exchange futures market.
/jlne.ws/3XqLSCq
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI and Crypto Are Becoming Regulatory Frenemies; The competition between digital currencies and artificial intelligence for the hearts and minds of tech innovators - and the wallets of venture capitalists - reflects a more general dichotomy.
Aaron Brown - Bloomberg
In 1865, Britain passed its infamous "Red Flag" act - copied in many other places - to regulate for self-propelled vehicles. It required a crew of three for each vehicle, one member of which was to walk 60 yards ahead with a red flag to warn horses and riders of the vehicle's approach. It also imposed a four mile-per-hour speed limit, or two miles-per-hour in populated areas.
/jlne.ws/42QYx2l
Amazon Is Spending $100 Million to Teach Cloud Customers About AI; The company is looking for ways to sell more services and compete with Microsoft and Google in generative artificial intelligence.
Dina Bass - Bloomberg
Amazon.com Inc.'s cloud unit is building a program to help customers develop and deploy new kinds of artificial intelligence products as the biggest seller of cloud services tries to match Microsoft and Google in the market for so-called generative AI.
/jlne.ws/3NjGYm1
AI Founders Vie for Big Wealth in Unicorn Frenzy; Entrepreneurs and veteran CEOs alike are getting rich as investors make big bets on artificial intelligence.
Blake Schmidt - Bloomberg
When Mustafa Suleyman partnered with billionaire LinkedIn founder Reid Hoffman last year on a startup called Inflection AI, he saw the potential in their prized project: a chatbot meant to be an "emotional companion that is kind, encouraging and rational." Now, so do deep-pocketed investors.
/jlne.ws/3JtHFIq
JPMorgan Starts Euro Blockchain Payments for Corporates; JPMorgan processed over $300 billion since system launched; Blockchain projects have yet to yield large benefits for banks
Anna Irrera - Bloomberg
JPMorgan Chase & Co. expanded one of the most high-profile projects to bring blockchain technology to traditional banking, introducing euro-denominated payments for corporate clients using its JPM Coin. JPM Coin, which the bank launched in 2019 to move dollars, went live with euro transactions on Wednesday, Basak Toprak, JPMorgan's head of Coin Systems for Europe, the Middle East and Africa, told Bloomberg News. Germany's Siemens AG conducted the first euro payment on the platform, Toprak said. A Siemens representative confirmed the cross-border transaction.
/jlne.ws/3JoKjiA
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| Cybersecurity | | Top stories for cybersecurity | Almost 770,000 Calpers members hit by cyber attack; Largest US pension fund says dates of birth and social security numbers compromised
Josephine Cumbo - Financial Times
Calpers, the biggest public pension plan in the US, has become the latest organisation to be hit by the MOVEit cyber attack with about 770,000 of its members affected by the global data breach.
/jlne.ws/3CKPupc
Google backs creation of cybersecurity clinics with $20 million donation
Glenn Gamboa - AP News
Free medical clinics and legal aid clinics, where college students and their instructors help their communities while also learning more about their professions, are now commonplace. Google hopes to add cybersecurity clinics to that list. Google CEO Sundar Pichai pledged $20 million in donations on Thursday to support and expand the Consortium of Cybersecurity Clinics to introduce thousands of students to potential careers in cybersecurity, while also helping defend small government offices, rural hospitals and nonprofits from hacking. Pichai said the new initiative addresses both the rising number of cyberattacks - up 38% globally in 2022 - and the lack of candidates trained to stop them.
/jlne.ws/446qFjc
Australia names air force veteran as cybersecurity chief amid rise in data breaches
Reuters
Australia on Friday named a senior air force commander as its first cybersecurity boss to help lead the government's response to major data breaches and boost the nation's security capabilities amid a recent spike in network intrusions. Air Marshal Darren Goldie, a 30-year veteran, will become the national cybersecurity coordinator, Prime Minister Anthony Albanese said. He will be supported by a national office within the department of home affairs and begin his term on July 3.
/jlne.ws/42TIb9q
NCSC Updates Cybersecurity Guidance for the Legal Sector
Phil Muncaster - Infosecurity Magazine
The UK's National Cyber Security Centre (NCSC) has released updated guidance to help law firms mitigate the latest cyber-threats. Worth an estimated 44bn pounds ($56bn), the sector employs over 320,000 people and consists of roughly 33,000 businesses, according to the report. However, the size of these organizations and the amount of resources they dedicate to cybersecurity can vary significantly.
/jlne.ws/3r1jURy
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| Cryptocurrencies | | Top stories for cryptocurrencies | Digital Pound Should Be Interoperable With Crypto, UK Lobbyists Say
Camomile Shumba - CoinDesk
Lobby groups and crypto companies in the U.K. are generally welcoming of the government's plans for a digital pound, but some of them believe the currency should be interoperable with crypto in order to be suitable for the future.
/jlne.ws/43THHkS
Crypto.com Approved to Operate in Spain; The crypto exchange said it has registered as a virtual asset service provider with the country's central bank following a "comprehensive" compliance review.
Sandali Handagama - CoinDesk
Digital asset exchange platform Crypto.com has secured registration as a virtual asset service provider (VASP) with the central bank of Spain, the company announced on Friday. The registration, approved after what the company said was a "comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws," will allow Crypto.com to offer a "suite of its products and services to users in Spain."
/jlne.ws/3qXQ28v
Are Digital Asset Portals Akin To Stock Exchanges Or Casinos? By Kelvin To, Founder And President Of Data Boiler Technologies
Kelvin To - Mondovisione
The SEC's reopening release # 34-97309 for redefinition of "exchange" reiterated the applicability of existing rules to platforms that trade crypto digital asset securities, including so-called "DeFi" system. It shows the Commission's willingness in considering alternatives, such as providing a definition of "negotiation protocols" instead of the controversy of not providing a definition of "communication protocols" in the original release # 34-94062. The reopening release narrows the gap of regime differences between the US and the EU. It is still between a rock and a hard place. The SEC solicits comments on the possible exemption of 'ETF portals' in which authorized participants can communicate creation or redemption requests over it. It does not, however, provide explicit exemptions equivalent to, for examples:
/jlne.ws/3r4keib
Maverick Protocol raises $9 million to challenge decentralized exchanges like Uniswap
Ben Weiss - Fortune
Uniswap, a decentralized exchange where users buy and sell crypto, has long been a standard-bearer in the world of decentralized finance, or DeFi. However, Maverick Protocol, an upstart decentralized exchange, looks to challenge Uniswap's dominance.
/jlne.ws/3PqWO0I
FTX sues ex-Clinton aide's investment firm for $700 million
Dietrich Knauth - Reuters
Bankrupt crypto exchange FTX on Thursday sued a former aide to Hilary Clinton and the former aide's investment firm, seeking to claw back $700 million in investments allegedly made with misappropriated FTX funds. FTX said its founder Sam Bankman-Fried was a "profligate patron" who showered Michael Kives, his firm K5 Global, and K5 co-founder Bryan Baum with cash as part of an ongoing scheme to fraudulently use company assets for personal gain, according to a complaint filed in Wilmington, Delaware, bankruptcy court.
/jlne.ws/3NI6FwT
A New Bitcoin Mining Giant Prepares to Enter the Fray
Mathew Di Salvo - Decrypt
Major Bitcoin miners Hut 8 Mining and U.S. Bitcoin Corp are set to merge to create a North American crypto mining giant. If all goes according to plan, the U.S.-domiciled company-named Hut 8 Corp.-will have a market capitalization of $990 million and shareholders will have equal ownership of the company's stock.
/jlne.ws/3Xu169K
Venezuela's Ban on Crypto Mining Is Ruining the Industry It Once Embraced; Corruption probe ensnares crypto industry with halt on mining; Cash-strapped miners could be forced to close as ban drags on
Nicolle Yapur and Andreina Itriago Acosta - Bloomberg
Venezuela's temporary ban on mining cryptocurrencies within the country is effectively killing the industry President Nicolás Maduro worked hard to promote. State regulators first ordered a halt on crypto mining in March, after opening an investigation into a large corruption scheme in which crypto wallets were allegedly used to redirect payments owed to the state-run oil company Petróleos de Venezuela SA.
/jlne.ws/3CKLHbs
A Crypto Side Door: Buying a 'Digital Residency' in Palau for $248; The island nation's program advertising suggests residency could circumvent bans on services such as Binance
Patricia Kowsmann and Caitlin Ostroff - The Wall Street Journal
The tiny Pacific island nation of Palau, best known for its diving spots, has been trying to make waves in the virtual world. For $248, a person can get a "digital residency" there for one year-without ever visiting.
/jlne.ws/3XjsOG9
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| Politics | | An overview of politics as it relates to the financial markets | The Politics of Class; We're covering the class inversion in American politics, severe weather in Texas and the Indian prime minister's visit to the U.S.
David Leonhardt - The New York Times
The class inversion in American politics - Republicans' struggles with college graduates and Democrats' struggles with the working class - is a running theme of this newsletter. To help make sense of it, I asked four Times Opinion writers to join me in an exchange this morning. They are Michelle Cottle, Carlos Lozada, Lydia Polgreen and Ross Douthat, and they're also the hosts of a new podcast, "Matter of Opinion."
/jlne.ws/3CIm8rp
Far Right Pushes a Through-the-Looking-Glass Narrative on Jan. 6; An ecosystem of true believers is promoting a tale of persecution rather than prosecution that has migrated to the heart of presidential politics.
Robert Draper - The New York Times
Six months since the House committee investigating the Jan. 6, 2021, assault on the Capitol completed its work, a far-right ecosystem of true believers has embraced "J6" as the animating force of their lives.
/jlne.ws/3PAIXou
Meta to Block News on Facebook, Instagram in Canada Over New Law; Legislation requires digital platforms to pay local publishers; Trudeau government ramping up efforts to regulate big tech
Randy Thanthong-Knight - Bloomberg
Meta Platforms Inc. said it will end the availability of news on Facebook and Instagram for all users in Canada after the country passed a law requiring digital platforms to pay local publishers.
/jlne.ws/43W7ubZ
Dissatisfaction with Rishi Sunak's government at near record levels, poll suggests - UK politics live
The Guardian
Dissatisfaction with government at near record levels, with 80% of people unhappy at how it's running country, poll suggests. Dissatisfaction with the the government is close to record levels, Ipsos, the polling firm, says.
/jlne.ws/3qQgi4A
Junior doctors in England to strike for five days from 13 July; Strike will be longest single period of industrial action by junior doctors in history of health service
Andrew Gregory - The Guardian
Thousands of junior doctors are to go on strike across England for five days in the longest such industrial action in the history of the NHS. The unprecedented action by medics - who can have up to eight years of experience as a hospital doctor or three years in general practice - will run from 7am on 13 July until 7am on 18 July and is expected to lead to thousands of NHS appointments and operations being cancelled.
/jlne.ws/3NMqkgl
Brexit: This is how Britain could actually rejoin the EU; Prominant Remainer Gina Miller explains what would need to happen for Britain to reverse Brexit and return to the bloc
Jon Stone - The Independent (opinion)
If you asked the British public to vote today, they'd want to be inside the EU - that's the pollsters' verdict. So what's stopping us? Despite public opinion settling ever more strongly against Brexit, no major political party is now offering a second referendum.
/jlne.ws/3NK4l9y
Russia launches lab to study Xi Jinping ideology; The center aims at understanding the ideas of the Chinese president and strengthening relations between the two countries.
Elena Giordano - Politico
Russia has set up the first-ever program outside China to study the ideology of Chinese President Xi Jinping, the autocratic leader in Beijing who keeps a fierce grip on civil society and recently moved to become ruler for life.
/jlne.ws/43VCs4e
As Modi visits, Indian American lawmakers face balancing act; Speaking out against Modi government carries risks for US politicians in diaspora constituencies where PM is popular
Ankita Rao - The Guardian
Ahead of Narendra Modi's state visit to Washington this week, Pramila Jayapal - a progressive Democratic congresswoman - circulated a letter signed by dozens of congressional lawmakers calling for Joe Biden to acknowledge the erosion of human rights and democracy during the Indian prime minister's nine years in power.
/jlne.ws/3NUkBFn
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC boss Gary Gensler faces ethics scrutiny over Sam Bankman-Fried meeting
Lydia Moynihan - NY Post
Questions are multiplying around a 45-minute Zoom call that SEC Chair Gary Gensler held in March 2022 with disgraced crypto mogul Sam Bankman-Fried - including whether the controversial powwow got advance approval by the agency's ethics team, On The Money has learned.
/jlne.ws/46le2T7
IOSCO Calls For Inputs On Goodwill
IOSCO
The Board of the International Organization of Securities Commissions (IOSCO) has today published a Consultation on Goodwill, seeking inputs from market participants to identify good practices for addressing the risk of unrecognized impairment on accumulated goodwill balances and related disclosures arising from business combinations.
/jlne.ws/46lA1JW
ISDA and AFME Respond to EBA on FRTB Residual Risk Add-On
ISDA
On June 11, 2021, ISDA and the Association for Financial Markets in Europe (AFME) submitted a joint response to the European Banking Authority (EBA) on its consultation on draft regulatory technical standards on the residual risk add-on (RRAO) in the Fundamental Review of the Trading Book (FRTB). Article 325u(2) of the Capital Requirements Regulation provides guidance on the meaning of instruments referencing an exotic underlying and instruments bearing other residual risks. Instruments referencing exotic underlyings can be identified as soon as they have underlying exposures to risk factors that are outside the scope of the sensitivity based method or the default risk charge components of the FRTB standardized approach. The consultation paper has further specified a non-exhaustive list of instruments bearing residual risks, and a list of risks that do not constitute residual risks.
/jlne.ws/3qTffkl
CFTC Charges New York Man with Misappropriating Over $21 Million in Commodity Pool Scheme; Federal Judge Issues Permanent Injunction and Orders Registration, Trading Bans
CFTC
The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Northern District of California charging William Koo Ichioka, a New York City resident, with fraudulently soliciting and misappropriating more than $21 million from over 100 commodity pool participants' funds.
/jlne.ws/3pkspGJ
Statement of Commissioner Kristin N. Johnson: Stop Digital Assets and Forex Ponzi Schemes
CFTC
Today, the Commodity Futures Trading Commission (CFTC or Commission) filed a Complaint in the U.S. District Court for the Northern District of California against William Koo Ichioka, charging him with soliciting tens of millions of dollars from more than 100 individuals and entities to trade digital asset commodities. Ichioka promised to use customers' assets to enter into retail foreign currency transactions (forex) through a commodity interest pool operating under the name "Ichioka Ventures." Consistent with investment frauds referred to as Ponzi schemes, Ichioka misappropriated more than $21 million of participant funds and used newly entering customers' funds to create the illusion of profits for existing customers while contemporaneously appropriating customer funds for personal expenses.[1]
/jlne.ws/3JusfmS
CFTC Charges California Resident and His Corporation with Fraud and Misappropriation in a Popular Romance Scam Involving Digital Asset Commodities and Forex
CFTC
The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Central District of California against California resident Cunwen Zhu and his California-based company Justby International Auctions (Justby). The complaint alleges that Zhu and Justby fraudulently misappropriated over $1.3 million in customer funds intended for digital asset commodity and forex trading. This is CFTC's first case involving a romance scam, commonly known as "Pig Butchering," a type of fraud that is growing in popularity.
/jlne.ws/3qXKIC4
SEC Charges Investment Fund Founder William K. Ichioka with $25 Million Offering Fraud
SEC
The Securities and Exchange Commission today charged William K. Ichioka, of New York, New York, with fraudulently raising $25 million from individual investors primarily in California and Oregon by making false claims about his investing success and promising large anticipated returns but instead using investor funds for gambling and to enrich himself. Ichioka has agreed to resolve the charges against him.
/jlne.ws/3Xllaee
Prepared Remarks before the Investor Advisory Committee
Chair Gary Gensler - SEC
Good morning. I'm pleased to speak with the Investor Advisory Committee. As is customary, I'd like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff.
/jlne.ws/3pks3Qp
Statement Concerning Certain IAC Recommendations
Hester Peirce - SEC
I am sorry that I will not be able to attend this week's Investor Advisory Committee ("IAC") meeting. I particularly would have liked to hear your discussion about the draft recommendations that you are planning to consider at the meeting. Each of these recommendations addresses an important topic, but robust discussion should precede finalization of any of these recommendations. I offer some questions for your consideration.
/jlne.ws/3piksSm
Senate Economics References Committee - Inquiry into ASIC investigation and enforcement
Australian Securities and Investments Commission
Opening statement by ASIC Chair Joe Longo, 23 June 2023. I am pleased to have the opportunity to appear before the Committee today. Before I begin my substantive remarks however, I want to say this. Clearly there are a number of positions which the Chair has taken in Parliament, and that this Committee has taken in its interim report, which are highly critical of ASIC.
/jlne.ws/3PtOSvJ
23-169MR General insurers to repay consumers $815 million for broken pricing promises
Australian Securities and Investments Commission
ASIC is calling on all general insurers to remove unnecessary pricing complexity and fix their systems, practices and controls so they can deliver on the pricing promises they make to their customers.
/jlne.ws/3CFVRdv
Monitoring Climate Disclosures: Paving the way for transparency and accountability
Jenika Phipps - Financial Markets Authority - New Zealand
Across the globe businesses, investors, consumers and governments are grappling with how climate risks and opportunities are measured, disclosed and reported. New Zealand is already well down the path, being one of the first counties in the world to introduce mandatory climate-related disclosures for our biggest fund managers, banks, insurers and listed companies.
/jlne.ws/3NHYuSk
Consumer warning on Blockchain Access UK Ltd
FCA - UK
We are aware fraudsters are using the details of the authorised EMD Agent Blockchain Access UK Ltd (Reference number: 902765) attempting to deceive consumers into believing that they are dealing with the authorised EMD Agent.
/jlne.ws/3NG5K0V
SFC obtains disqualification orders against former directors of National Agricultural Holdings Limited
SFC - Hong Kong
The Securities and Futures Commission (SFC) has obtained disqualification orders in the Court of First Instance against a former executive director Mr Liu Yong, and two former independent non-executive directors, Ms Kathy Chiu Kam Hing and Mr William Fan Chung Yue of National Agricultural Holdings Limited (NAH) (Notes 1 & 2).
/jlne.ws/44eAlIn
Four people charged following SFC and Police joint operation against securities fraud and illegal short selling
SFC - Hong Kong
Four suspects appeared at the Eastern Magistracy today charged with offences of fraud with alternative charge of illegal short selling following an earlier joint operation of the Securities and Futures Commission (SFC) and the Police against fraudulent activities in securities transactions and illegal short selling (Notes 1 & 2).
/jlne.ws/3CHigHe
New speech by Julia Leung: Keynote Speech at Executive Dinner organised by the Hong Kong Economic and Trade Office in Bangkok, Office for Attracting Strategic Enterprises and Invest
SFC - Hong Kong
A speech entitled "Hong Kong's New Virtual Asset Licensing Regime" delivered by Ms Julia Leung at the executive dinner organised by the Hong Kong Economic and Trade Office in Bangkok, Office for Attracting Strategic Enterprises and InvestHK was posted on the SFC website.
/jlne.ws/3NHzGK2
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Lithium producers warn global supplies may not meet electric vehicle demand
Ernest Scheyder - Reuters
Lithium producers are growing anxious that delays in mine permitting, staffing shortages and inflation may hinder their ability to supply enough of the battery metal to meet the world's aggressive electrification timelines. Once a niche metal used primarily in ceramics and pharmaceuticals, lithium is now one of the world's most in-demand metals given aggressive EV plans from Stellantis (STLAM.MI), Ford (F.N) and other automakers.
/jlne.ws/3NI5TQv
Research Finds Retail Options Traders Bet Big, Bet Often
Svetlana Bryzgalova, Assistant Professor of Finance; Anna Pavlova, Professor of Finance, and Taisiya Sikorskaya, PhD Candidate in Finance - London Business School via Traders Magazine
As the pandemic surged, many were drawn to the markets, and options. Use of smart phone investing and apps like Robinhood increased, given ease-of-use and promise of commission-free trading. 21.3 million monthly active users flocked to Robinhood alone in late 2021, according to company statements. The world watched in fascination as GameStop stock spiked to over $80 a share in January 2021, rallied by WallStreetBets and others on Reddit. A new generation of young, tech-savvy retail investors was underway.
/jlne.ws/44jKCTT
Warren Buffett Donates $4.6 Billion in Berkshire Shares to Charities
Max Reyes - Bloomberg
Warren Buffett donated roughly $4.6 billion of Berkshire Hathaway Inc. shares to five charities including the Bill & Melinda Gates Foundation as part of an annual pledge the billionaire made nearly two decades ago. The 13.7 million Class B shares were donated to five philanthropies, including one named for his late wife and several run by his children, according to a statement. Buffett's stake in Berkshire now consists of 218,287 Class A shares and 344 Class B shares.
/jlne.ws/3CJ6snR
Hog Herds to Shrink as US Farms Lose Money, Smithfield Warns; Growers are losing as much as $80 a head, Smithfield says; 'This industry is in an incredibly difficult cycle,' CEO says
Michael Hirtzer - Bloomberg
American pig farmers are losing so much money that some may soon start selling the corn they would normally use to feed animals, according to the world's largest hog producer. It's a sign that producers will soon take steps to shrink their herds, with growers losing as much as $80 a head, said Shane Smith, chief executive officer of Smithfield Foods. Demand from top buyer China is waning as the cost to feed animals is surging.
/jlne.ws/3JtazZ2
BofA Says Investors Are Fleeing Tech Stocks After 'Baby Bubble'; Tech funds see $2 billion of outflows in week through Weds.; Wells Fargo, JPMorgan also see further declines for stocks
Farah Elbahrawy - Bloomberg
There are early signs of investors fleeing from tech stocks after 1999-like rally formed a "baby bubble," according to Bank of America Corp.'s Michael Hartnett. The technology sector saw $2 billion outflows, the largest in 10 weeks, in the five trading days through June 21, BofA wrote in a note, citing EPFR Global data. Investors exited with the Nasdaq 100 Index up 38% for the year and poised for its best half since the last six months of 1999, when it surged 61% after climbing in 26% in the first half.
/jlne.ws/43bmAtj
Some companies have rather a lot of debt and this might be a problem; The road to Haleon is paved with loan refinancings
Bryce Elder - Financial Times
We've heard a lot recently about how higher interest rates affect homeowners and not so much about how they affect the companies that pay their wages. That may be because, top down, there's not yet much to see. "Amend and extend" debt refinancings are so far keeping a lid on defaults and bankruptcies. (There's a good summary from Tracy Alloway behind the Bloomberg paywall.) A top-down view is not much good, however, for identifying which highly-indebted companies looked comfortable in 2022 but are now hurtling towards a maturity wall.
/jlne.ws/42Ud5yj
How to boost your portfolio income; Dividends-first approach no longer works so well
James Pickford - Financial Times
In a world of high inflation and high market volatility, income-hungry investors are casting around for steady returns on their money. Those in the UK, at least, can scarcely hope to beat the rate of consumer price rises, currently running at an annual 8.7 per cent. But mitigating their impact can do much to forestall the need to tap into capital or scrap purchases.
/jlne.ws/3JrT8Il
Breaking: Financial plumbing; Jane Street beset by toxic flow
FT Alphaville
The US's financial plumbing may not always be foolproof, but large trading firms can usually navigate it without trouble. So imagine FT Alphaville's surprise when we saw this note sent to the New York office of the liquidity providers over at Jane Street, where the physical plumbing is what's causing the mess:
/jlne.ws/3PoTinH
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | France's Macron Champions Global Taxation for Poverty, Climate; Macron eyes shipping for new tax, including China operators; OECD minimum tax rules show global work possible, Macron says
William Horobin - Bloomberg
French President Emmanuel Macron called for another overhaul of the global taxation system to finance the fight against poverty and climate change, building on recent efforts for a minimum levy on corporations. The new taxation could hit airline tickets, financial transactions or shipping, Macron said at an international summit in Paris on reforming the global financial system. For it to be successful, countries would have to work together to avoid businesses relocating activity to avoid national levies, he said.
/jlne.ws/46xeKgv
Governments at Paris summit to finalise climate finance roadmap; Almost 40 leaders to present plans for overhaul of public financial institutions including World Bank
Fiona Harvey - The Guardian
Questions over a tax on global shipping and other big sources of greenhouse gas emissions, and how countries should go about setting up a loss and damage fund continue to be the subject of fierce discussion, as governments meet in Paris to prepare an overhaul of global development and climate finance. Nearly 40 heads of state and government and a similar number of ministers and high-level representatives will finalise a roadmap for the reform of the world's public finance institutions, including the World Bank, and of overseas aid and climate finance.
/jlne.ws/3Nram9I
World Bank set to unveil 'pause clauses' for countries hit by disasters; Barbados's Mia Mottley says measures are 'vital' to allow poorer nations the fiscal space to rebuild
Attracta Mooney, Aime Williams and Leila Abboud - Financial Times
The World Bank will allow countries hit by disasters to pause repayments on loans to the multilateral lender, in a win for a campaign led by Barbados Prime Minister Mia Mottley. World Bank president Ajay Banga will unveil a range of measures, including the pause on repayments and embedding catastrophe insurance into new loans, in a speech in Paris on Thursday.
/jlne.ws/3Nv21lM
The Problem With Fashion's Sustainability Push: It Doesn't Make Much Money; More than 100 apparel retailers introduced resale platforms within the past two years. But consumer acceptance has so far been minimal.
Olivia Rockeman and Zahra Hirji - Bloomberg
Resale has quickly emerged as the initiative of choice for fashion brands looking to lower their carbon, plastic and water footprints-or at least in some instances to convince green-conscious shoppers that they're trying. But here's the rub: So far even savvy brands such as Patagonia or Shein haven't figured out how to make secondhand selling account for more than a tiny fraction of their profits.
/jlne.ws/43UsdNz
Carbon Credit Market Seizes On a New Opportunity: Plugging Oil and Gas Wells; A wave of new companies are crafting financial incentives to block emissions from wells that are near the end of their life spans-and orphaned wells with no clear owners. Yet doubts persist about project oversight and the ethos of the market.
Keaton Peters - Inside Climate News
Tyler Crabtree was working in the oil and gas industry in North Dakota, trying to prevent methane leakage from well sites, when he started "soul searching" for a better way to address climate change. He knew it was becoming ever more severe and felt the industry should do more to address it. "It really opened my eyes to how a lot of operators out there are not spending the appropriate amount of dollars on clean operations," he said.
/jlne.ws/3D2vGhn
In-depth: How climate change affects health in Africa
Giuliana Viglione - Carbon Brief
Africa is uniquely vulnerable to the effects of climate change. According to the Intergovernmental Panel on Climate Change, tens of millions of Africans are already feeling the negative health impacts of climate change, in the form of heat stress, extreme weather and increased transmission of infectious disease.
/jlne.ws/3PnkCmc
The unplugged version: Elon Musk vs ESG
Kaushik Sridhar - Wionnews
/jlne.ws/42Vbvfy
Newcrest Seeks to Address Gold Mine Air Pollution After Warning; 'Unacceptable' dust levels must be fixed, authorities say; Australian producer of precious metal being bought by Newmont
Sybilla Gross - Bloomberg
/jlne.ws/3NkRgCl
Siemens Energy Falls by Record After Wind Unit's Woes Deepen; Fixing quality problems at Siemens Gamesa will be more costly; German company still sticking to its revenue guidance
Wilfried Eckl-Dorna - Bloomberg
/jlne.ws/3JtCwzV
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bankrupt SVB Financial still exploring options for venture capital arm
Reuters
Bankrupt SVB Financial Group said on Wednesday it is continuing to evaluate strategic alternatives for SVB Capital, its venture capital and credit investment arm, as well as other assets and investments.
/jlne.ws/3XlkJk6
Billionaire Investor Paul Singer Plowed $247 Million in Fund That Masks Who Gets Money; Billionaire among wealthy Americans using donor-advised funds; ProPublica reported Samuel Alito took a trip on Singer's jet
Sophie Alexander - Bloomberg
Paul Singer, who is in focus for hosting Supreme Court Justice Samuel Alito on his private jet, is among a group of wealthy Americans who have funneled a large portion of their foundations' charitable giving to donor-advised funds. During the Paul E. Singer Foundation's first 12 years, the billionaire sent more than $247 million to DAFs, which offer all the tax benefits of giving money to charity, with virtually none of the transparency requirements. That represents almost 70% of all its grants in that period, according to filings to the Internal Revenue Service, the most recent of which covers the year ended Nov. 30, 2021.
/jlne.ws/3PyeAPT
These SVB Depositors Got Burned-Now They're Fighting Back; Cayman Islands account holders lost their deposits but are still expected to pay back their loans
Frances Yoon - The Wall Street Journal
Silicon Valley Bank customers whose deposits were seized by U.S. authorities after the lender's collapse are fighting back. Customers who held money in the bank's Cayman Islands branch found their accounts wiped down to zero after SVB collapsed in March, because a U.S. move to guarantee deposits didn't apply to them. Their pain was compounded when they found out First Citizens BancShares had acquired their loans from SVB-meaning they had lost their money, but kept their debts.
/jlne.ws/3Xmt4E8
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Workers Are Losing Power in the Job Market. That's Good News for the Fed; Labor leverage ratio retraces much of post-pandemic rise; Powell says Fed needs to see further loosening of job market
Rich Miller and Hannah Pedone - Bloomberg
The balance of power in the jobs market is slowly tilting back toward employers as companies become choosier with their hires and workers turn more cautious about quitting. A labor leverage ratio developed by ex-senior White House economist Aaron Sojourner that compares the level of quits to layoffs has retraced about two-thirds of the rise seen in 2021 and into 2022. The ratio surged when companies ramped up staffing after pandemic-driven lockdowns and workers were enjoying outsized pay offers for their services.
/jlne.ws/3NlOFbq
Men Are Returning to Offices in US Faster Than Women, New Data Show; Share of men working at least partly remote fell in 2022: BLS; Women reported more remote work, housework, childcare duties
Michael Sasso - Bloomberg
Men are giving up remote work and returning to offices in the US faster than women, according to new government data. The share of men who worked at least partly at home on an average day dropped to 28% in 2022 from about 35% the year before, results of an annual survey published Thursday by the Bureau of Labor Statistics showed. For women, the share working at least partly at home fell only slightly, to 41% from 41.5%.
/jlne.ws/3NKpX5J
California Has Most Job Openings as Worker Shortage Deepens Across US; More states are seeing open positions rise, reversing trend; Job openings in the Golden State lead US with over 1 million
Michael Sasso - Bloomberg
For all the high-profile layoffs in Silicon Valley, California is still suffering from a worker shortage. The Golden State led a nationwide jump in job vacancies in April that reversed recent declines and keeps pressure on the Federal Reserve to consider more interest-rate hikes.
/jlne.ws/44cu4Np
It's Too Early to Proclaim an AI Productivity Boom; The transformative technology has the power to free workers and supercharge the economy-or just take a lot of people's jobs.
Enda Curran - Bloomberg
The steam engine, electric lighting, refrigeration. If you're wondering what these things have in common, they're examples of transformative technologies that lifted worker productivity, along with wages and economic output. Does generative AI belong on that list? Cue the debate.
/jlne.ws/441ILU0
Race-Based Affirmative Action Is Over. Corporate Diversity Could Be Next; The Supreme Court's imminent ruling will directly affect only colleges, but companies will feel the consequences, too.
Kelsey Butler - Bloomberg
By the end of June, legal experts predict, the US Supreme Court will ban race-based admissions in higher education. It will be a concussive, though not fatal, blow to affirmative action's corporate cousin: diversity, equity and inclusion.
/jlne.ws/3NLCshF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Brain Science of Aggression and Why Lashing Out Can Feel Good; Sadness and anger are on the rise, here's what scientists understand about it
Daniela Hernandez - The Wall Street Journal (video)
Nearly one in four people surveyed in Gallup's latest Global Emotions Report said they'd recently felt anger. WSJ's Daniela Hernandez explains the neuroscience behind rage, the roles it plays in our lives and how we can keep it in check.
/jlne.ws/42V1tuP
El Nino's Fierce Heat Carries New Risk of Resurgent Deadly Viruses
Low De Wei - Bloomberg
The return of El Nino after nearly four years is raising the specter of extreme weather, economic pain, and agricultural disruption across the globe. Now add another unpleasant effect to the mix: a resurgence of tropical diseases.
/jlne.ws/46lzNT6
Is it even possible to prepare for a pandemic? Well-prepped countries have fared no better in the past. But there are ways to adapt
Tim Harford - Financial Times
Be prepared! It's the scout's motto. But prepared for what? In The Lion King, the song "Be Prepared" is a rousing celebration of fratricide, while Tom Lehrer's song of the same title advised boy scouts: "Don't solicit for your sister, that's not nice / unless you get a good percentage of her price."
/jlne.ws/46hgLNx
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Beijing Temperature Hits Record 41.8C as Heat Wave Bakes Northern China; Temperatures in Beijing and Tianjin, two important economic hubs, reached a record 41.8C (107F) on Thursday.
Coco Liu - Bloomberg
A heat wave smashed temperature records in 17 regions in China on Thursday, as the country joins India, the UK and other nations in bracing for a scorching summer. Temperatures in Beijing and Tianjin - two important economic hubs in northern China - reached a record 41.8C (107F) on June 22, according to a post published on the official social media account of the China Meteorological Administration. Fifteen other weather stations in provinces such as Hebei and Shandong also reported record-breaking temperatures on Thursday, the administration said.
/jlne.ws/43Tbji5
Nigeria's Oil Goes Unsold as Tax Clawback Shakes Confidence; As much as half of Nigeria's July supply awaits buyers; Angolan supplies sold out as demand from China remains healthy
Bill Lehane - Bloomberg
A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers. Traders of the nation's oil said the surplus has been caused in part by a request for back taxes from shipping companies, which caused a wariness among some of the firms about sending their vessels to collect the west African nation's barrels.
/jlne.ws/3pjvoPL
Dollars Are So Scarce in Argentina That Yuan Use Is at a Record
Patrick Gillespie and Ignacio Olivera Doll - Bloomberg
It's gotten so hard to find US dollars in Argentina that Whirlpool Corp., the American appliance giant, is considering paying with China's yuan to import parts for a new factory.
/jlne.ws/44hrghW
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| Miscellaneous | | Stories that don't quite fit under the other sections | Vice Media to Be Acquired Out of Bankruptcy by Fortress, Soros Fund; The bankrupt media company's lenders are poised to take over the business in a deal that values it at $225 million
Alexander Saeedy and Jodi Xu Klein - The Wall Street Journal
Vice Media is set to be acquired by a group of its lenders including Fortress Investment Group and Soros Fund Management, capping off a sale process for a once thriving digital-media company that failed in a difficult environment for publishers.
/jlne.ws/3NHsEoC
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